Financial institutions

Reporting New Zealand financial institutions (Reporting NZFIs) must conduct due diligence on all accounts, collect required information and report annually to us.

Similarly, overseas financial institutions must identify account holders and certain controlling persons who are New Zealand tax residents. If New Zealand has a Common Reporting Standard (CRS) exchange relationship with that jurisdiction, the institution must report these accounts through its local tax authority.

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What is a financial institution for CRS purposes? For a financial institution to report under the CRS, it must be a certain type of entity, be in New Zealand, and meet the other requirements to report.
Register for CRS Reporting NZFIs can follow these steps to register with us for the CRS.
Due diligence and reporting Reporting NZFIs must carry out due diligence on all their financial accounts. They may need to collect specific information and provide it to us.
Report CRS information By 30 June following the end of the tax year, Reporting NZFIs and trustees of trustee-documented trusts must report to us in myIR.
Year-end checklist Consider these 12 questions each year to make sure your financial institution’s CRS systems are fit for purpose.

Ngā Pūtahitanga Ahumoni Financial institutions

Financial institutions